BRICSSupportDevelopmentBankPlan–Minister

The BRICS group of emerging economies support a plan toset up a new joint development bank known as the South-South bank to finance various projects in their states, Russia's Economic Development Minister Elvira Nabiullina said on Wednesday in Delhi.

The BRICS group of emerging economies support a plan toset up a new joint development bank known as the South-South bank to finance various projects in their states, Russia's Economic Development Minister Elvira Nabiullina said on Wednesday in Delhi.

"The idea of establishing the bank ... is supported by all BRICS countries," Nabiullina said after a meeting in Delhi with her counterparts from Brazil, India, China and South Africa, but did not specify any more details.

India first suggested in February the idea of the South-South bank to promote mutual investment and trade among the five states.

"There are a lot of development banks [in the world]. We need a really serious portfolio of joint investment and trade projects [to reach the goal]," Nabiullina added.